Will FAQs


Will FAQs

This section answers questions we are often asked by people thinking about including LIVES in their Will.

Important note

Simple errors in wording can create confusion and delay in carrying out people’s wishes. This is why we strongly recommend you use a solicitor to prepare your Will. It is important, for instance, that the LIVES name, address and registered charity number are put properly into a Will.

I would like to leave a gift to LIVES in my Will. What wording should be used?

If you have decided that you would like to leave a Gift to the LIVES in your Will, the following are suggested wordings for you to share with the solicitor who is preparing your Will.

A gift of a share of the estate (a residuary gift):

’I give to LIVES, Charity registered in England No. 1098364, of Units 5 – 8 Birch Court,
Boston Road Industrial Estate, Horncastle, LN9 6SB the residue (or % share of the residue) of my estate absolutely and I direct that (i) the proceeds may be used for the general purposes of the LIVES and (ii) a receipt signed by a person for the time being authorised by the Council of the LIVES shall be a good and sufficient discharge to my executors.’

A fixed sum (a pecuniary gift):

’I give to LIVES, Charity registered in England No. 1098364, of Units 5 – 8 Birch Court,
Boston Road Industrial Estate, Horncastle, LN9 6SB the sum of £_______ and I direct that (i) the proceeds may be used for the general purposes of the LIVES and (ii) a receipt signed by a person for the time being authorised by the Council of the LIVES shall be a good and sufficient discharge to my executors.’

How important is a Will?

Many people make false assumptions about what will happen to their estate if they do not have a Will. Not leaving a Will could result in lengthy and expensive complications for your family to sort out.

When should I write a Will?

Now, if you haven’t already done so. If you already have a Will, you should review it regularly, particularly when your personal circumstances change. For example, if you get married or divorced, you have new children or grandchildren, or you move house.

Can I write my own Will?

Yes, although a ‘do it yourself’ Will may prove to be a false economy. One tiny error can invalidate the entire Will, so we strongly recommend that you employ a solicitor to do the work.

What are the tax advantages of leaving money to charity?

Legacies to registered charities are exempt from inheritance tax. In certain circumstances, especially with larger estates, a charitable bequest can be a useful way to avoid the payment of inheritance tax on some or all of your estate.

I would like donations at my funeral in lieu of flowers (apart from family flowers) to be used for the benefit of LIVES. How do I ensure that this happens?

Many people prefer to see donations made to the LIVES in lieu of floral tributes. If this is stated in your Will, the executors can make sure that your wishes are known.

Help! I don’t understand the jargon!

Your estate is everything that you own, including your house, money and any life insurance policies that will be paid on your death.

A Specific legacy is the gift of a specific item or asset such as shares or jewellery.

A Pecuniary legacy is a fixed sum of money. It is worth bearing in mind that inflation can reduce the value of pecuniary legacies over time, so it is worth reviewing your Will on a regular basis, whether or not your circumstances change.

A Residuary legacy is a gift of all or part of your net estate (what remains after all taxes, specific gifts and the cost of administering the estate have been paid). This type of legacy should be expressed as a percentage or share of your estate.

Executors are the people chosen by you to carry out the instructions contained in your Will. If certain conditions are met, you can choose the LIVES to be your executor. Please contact us for further information.